BILL & MELINDA GATES FOUNDATION TRUST
Q3 2025 Form 13-F
KIRKLAND, WASHINGTON
CIK 0001166559
· Institutional investment manager
$36.6B Reported Value Total
Reported value
$36.6B
Quarter over quarter
+1.3%
Holdings
23
Top-10 concentration
95.7%
Key People
Named on the latest Form 13-F filing — not necessarily an owner
Michael Larson
Authorized Agent
Filing Navigation
Coverage begins with the second quarter of 2013. Earlier quarters are not shown while their accuracy is being verified.
13F Metrics
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Q3 2025 13F record
Q3 2025 13F filing summary
| Period of report | September 30, 2025 |
|---|---|
| Filed | November 14, 2025 |
| Form | 13F-HR |
| Reported value | $36.6B |
| Positions | 23 |
| Change in reported value | -23.4% |
| New positions | 0 |
| Exited positions | 2 |
| Position turnover | 8.0% |
| Top-10 concentration | 95.7% |
13F filings by quarter
| Quarter | Positions | Value |
|---|---|---|
|
Q2 2026 13F
Filed Aug 14, 2026
|
24 | $34.4B |
|
Q1 2026 13F
Filed May 15, 2026
|
22 | $31.7B |
|
Q4 2025 13F
Filed Feb 17, 2026
|
23 | $35.4B |
|
Q3 2025 13F
Filed Nov 14, 2025
|
23 | $36.6B |
|
Q2 2025 13F
Filed Aug 14, 2025
|
25 | $47.8B |
|
Q1 2025 13F
Filed May 15, 2025
|
25 | $41.8B |
|
Q4 2024 13F
Filed Feb 14, 2025
|
24 | $42.0B |
|
Q3 2024 13F
Filed Nov 14, 2024
|
24 | $45.1B |
|
Q2 2024 13F
Filed Aug 14, 2024
|
23 | $47.7B |
|
Q1 2024 13F
Filed May 15, 2024
|
24 | $45.9B |
|
Q4 2023 13F
Filed Feb 14, 2024
|
24 | $42.3B |
|
Q3 2023 13F
Filed Nov 14, 2023
|
74 | $38.9B |
|
Q2 2023 13F
Filed Aug 14, 2023
|
23 | $42.1B |
|
Q1 2023 13F
Filed May 15, 2023
|
22 | $36.5B |
|
Q4 2022 13F
Filed Feb 14, 2023
|
23 | $35.7B |
|
Q3 2022 13F
Filed Nov 14, 2022
|
21 | $34.0B |
|
Q2 2022 13F
Filed Aug 15, 2022
|
20 | $17.7B |
|
Q1 2022 13F
Filed May 16, 2022
|
18 | $19.8B |
|
Q4 2021 13F
Filed Feb 14, 2022
|
22 | $23.0B |
|
Q3 2021 13F
Filed Nov 15, 2021
|
22 | $23.2B |
33 earlier quarters on file — choose one from the quarter menu above.
Top 20 holdings · Q3 2025
| # | Holding | Reported value | % of portfolio |
|---|---|---|---|
| 1 | BRK-B BERKSHIRE HATHAWAY INC DEL | $10.9B | 29.91% |
| 2 | WM WASTE MGMT INC DEL | $6.4B | 17.47% |
| 3 | CNI CANADIAN NATL RY CO | $4.9B | 13.36% |
| 4 | MSFT MICROSOFT CORP | $4.8B | 13.01% |
| 5 | CAT CATERPILLAR INC | $3.0B | 8.29% |
| 6 | DE DEERE & CO | $1.6B | 4.45% |
| 7 | ECL ECOLAB INC | $1.4B | 3.91% |
| 8 | WMT WALMART INC | $864.7M | 2.36% |
| 9 | FDX FEDEX CORP | $562.3M | 1.54% |
| 10 | KOF COCA-COLA FEMSA SAB DE CV | $516.4M | 1.41% |
| 11 | WCN WASTE CONNECTIONS INC | $358.5M | 0.98% |
| 12 | CPNG COUPANG INC | $297.8M | 0.81% |
| 13 | SDGR SCHRODINGER INC | $140.1M | 0.38% |
| 14 | MSGS MADISON SQUARE GRDN SPRT COR | $134.5M | 0.37% |
| 15 | WST WEST PHARMACEUTICAL SVSC INC | $116.6M | 0.32% |
| 16 | MCD MCDONALDS CORP | $101.8M | 0.28% |
| 17 | BUD ANHEUSER BUSCH INBEV SA/NV | $101.5M | 0.28% |
| 18 | PCAR PACCAR INC | $98.3M | 0.27% |
| 19 | DHR DANAHER CORPORATION | $74.0M | 0.2% |
| 20 | KHC KRAFT HEINZ CO | $64.4M | 0.18% |
Values as reported on the Q3 2025 Form 13F. Every position is in the holdings table below.